Crestview Funds moves to acquire 2 Maryland Farms buildings

Oct. 5, 2013

Written by

The Tennessean

The Westpark Building in Maryland Farms where the biggest tenant is Brookdale Senior Living is one of two buildings Crestview Funds has a contract to buy from Prudential Real Estate Investors. / LoopNet.com

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Two office buildings in Maryland Farms that have Tractor Supply Co. and Brookdale Senior Living among their tenants are under contract to a Brentwood-based real estate firm.

Typically, companies that enter such contracts have 30 to 45 days to close the deal. Prudential once had sought about $25 million for the buildings, which have a combined 196,705 square feet of space, according to people familiar with the overall sales effort.

Crestview, a real estate investment, management, operating and advisory firm with Tom Corcoran and Todd J. Frye as co-managing partners, was among the highest bidders in the unsuccessful online auction. A year ago, the two were listed as directors of Crestview Fund I LLC in a regulatory filing related to raising $4 million of equity.

Neither Corcoran and Frye could be reached for comment. John Chartier, a spokesman for Prudential, which has held the buildings for at least 16 years, also declined to comment.

TSC moving to new HQ

The sale effort comes as farm and ranch store chain Tractor Supply, Financial Plaza’s sole occupant, plans to leave the two-story, 98,049-square-foot building at 200 Powell Place next summer for its new 260,000-square-foot headquarters on Virginia Way in Maryland Farms. The four-story Westpark building at 111 Westwood Place has 98,656 square feet of fully occupied space, with Brookdale, the largest of three tenants, occupying 86 percent of that space.

The buildings are in a Brentwood office submarket where the 3.7 percent third-quarter vacancy rate was one of lowest in the region, based on a tracking by Cassidy Turley. Another tracking by Colliers International put that vacancy rate at 5.5 percent.

That relatively low vacancy rate and strong demand should help in finding new tenants for the Financial Plaza, local analysts said. Pat Emery, president of Spectrum/Emery in Franklin, however, said that because a single tenant has been the occupant, any buyer of that building would need to invest a significant amount of money to prepare it for another tenant.

Getahn Ward covers growth and development for The Tennessean. Contact him at 615-726-5968 or gward@tennessean.com. Follow him on Twitter: @Getahn.